Mortgages ?

[toddswain]

Hi mate will reply to pm now.

Erm Ive voted at my old address (mums house) but not from where I've lived last two year.

Yea I have gtd overtime everyweek so will be for that

[OverTheBorder]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

[Kmac84]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

[aaron1867]

Ah, this is a thread right up my street, been trying to get a couple of questions answered about a couple of things, would highly appreciate someone helping out.

Situation with Dad

I've been living with my Dad on and off for around 3-4 years, but I only choose to stay here because he's not in all that great nick, he's not on deaths door, but I stay here to keep an eye on him and he's 70 soon. He's lived in a house that is owned by a housing association for around 20 years.

The house is not in great nick, he's at the time of life where he doesn't want to spend money on it for what he hardly uses (upstairs, he can't climb the stairs) and I don't think I would want to really throw any money at it either with it not being owned by us. However the house was previously council owned and probably not worth that much and I am potentially interested in buying the house (without a mortgage), but I am worried if I can get the discount. I have been told I would get the discount, but if my Dad passes away with 7 years, then I have to pay the difference.

Maybe best to approach ?

An actual mortgage

Away from the above situation, even though I am worried about my Dad, I have to get on with life and have looked at houses in and out of my home town of Sheffield.

My credit rating is satisfactory at the last look and I am very confident that I will not be able to get a mortgage. However I could potentially buy a house out of my own pocket without, BUT, of course this wouldn't be a mansion and would instead be a small house/flat to get me started. But I know my complete maximum of price I would want.

But a question, if the bank knows I have the money in the bank to say I can buy a house twice or three times over, would they potentially help me out, by saying they could give me some sort of mortgage?

Also wondering if people would actually rent instead?

Appreciate any help here

[Doobs]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

[BorntoBubble]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

Have you seen OTB play poker? The more money you can keep away from him the better!

[OverTheBorder]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

Thanks Doobs. I know mine is a lot better, I have worked really hard to fix it. Ticked all the boxes. The plan is to try mortgage in my name and Deed in both. Worry is council will look into this closely. They want to avoid people buying houses cheap using others to obtain discounts. I hope marrying someone might prove genuine

I also know my bank makes no sense without hers as I pay next to no bills and keep very little. I have the credit union as back up. They love me, as I save loads and use them a lot.

Ps lesser of two evils possibly. Her debts were more sensibly racked up than mine fun though

[Kmac84]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

That's not an unusual situation Doobs.  Pretty standard, especially when one applicant earns enough to cover the affordability, it can speed  things up to do it that way, also happens when there is an older person in the relationship and the term takes them to retirement and as you mentioned when one applicant is self employed.  

The scenario mentioned above if I am reading it correctly is that OTB's Mrs is in a trust deed or some other type of repayment vehicle for credit she took out and had problems paying back, if thats the case that sort of stuff follows you, for the duration.  More often than not, the credit file isn't updated until the repayment plan is completed so from that date onwards it will either show as missed payments/defaults etc on the credit report.  

Scoring wise it is always good to have a look at experian but lenders also have their own internal scorecards were the credit referencing score is taken into account but is not the be all and end all.  

[OverTheBorder]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

Have you seen OTB play poker? The more money you can keep away from him the better!

[Kmac84]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

Thanks Doobs. I know mine is a lot better, I have worked really hard to fix it. Ticked all the boxes. The plan is to try mortgage in my name and Deed in both. Worry is council will look into this closely. They want to avoid people buying houses cheap using others to obtain discounts. I hope marrying someone might prove genuine

I also know my bank makes no sense without hers as I pay next to no bills and keep very little. I have the credit union as back up. They love me, as I save loads and use them a lot.

Ps lesser of two evils possibly. Her debts were more sensibly racked up than mine fun though

RTB's with any poor credit history are notoriously difficult to get through mate, as lenders want to be able to see that you have coped in the past.   The best way of getting it through is if you have a pretty low LTV.  Your best bet would probably be speaking to a broker who specialises in RTB, I generally don't advocate brokers because I'm yet to be convinced of their worth to the application although I am currently studying for my CEMAP ;-)  My opinion of them might change then, but for RTB's there are a number of specialist firms in Scotland who know the best lenders to place these types of applications with. 

[BorntoBubble]

Ah, this is a thread right up my street, been trying to get a couple of questions answered about a couple of things, would highly appreciate someone helping out.

Situation with Dad

I've been living with my Dad on and off for around 3-4 years, but I only choose to stay here because he's not in all that great nick, he's not on deaths door, but I stay here to keep an eye on him and he's 70 soon. He's lived in a house that is owned by a housing association for around 20 years.

The house is not in great nick, he's at the time of life where he doesn't want to spend money on it for what he hardly uses (upstairs, he can't climb the stairs) and I don't think I would want to really throw any money at it either with it not being owned by us. However the house was previously council owned and probably not worth that much and I am potentially interested in buying the house (without a mortgage), but I am worried if I can get the discount. I have been told I would get the discount, but if my Dad passes away with 7 years, then I have to pay the difference.

Maybe best to approach ?

An actual mortgage

Away from the above situation, even though I am worried about my Dad, I have to get on with life and have looked at houses in and out of my home town of Sheffield.

My credit rating is satisfactory at the last look and I am very confident that I will not be able to get a mortgage. However I could potentially buy a house out of my own pocket without, BUT, of course this wouldn't be a mansion and would instead be a small house/flat to get me started. But I know my complete maximum of price I would want.

But a question, if the bank knows I have the money in the bank to say I can buy a house twice or three times over, would they potentially help me out, by saying they could give me some sort of mortgage?

Also wondering if people would actually rent instead?

Appreciate any help here

I've been speaking to a none high street lender today. They usually deal with high end stuff and commercial property but somehow ended up talking to me.

They do 25% deposits and 3.5x salary as there lending terms (basically) for one residential property.

Then 40% deposit for a commercial property which you can prove you can either pay back for a long period or make the money out of the property, business plan etc past history works great here.

I'm not an expert by any means but as you may be looking at two properties you may get a better deal by doing them both with the same bank/linking the deal in someway which could give the bank more comfort, no idea on the first problem.

[Kmac84]

Ah, this is a thread right up my street, been trying to get a couple of questions answered about a couple of things, would highly appreciate someone helping out.

Situation with Dad

I've been living with my Dad on and off for around 3-4 years, but I only choose to stay here because he's not in all that great nick, he's not on deaths door, but I stay here to keep an eye on him and he's 70 soon. He's lived in a house that is owned by a housing association for around 20 years.

The house is not in great nick, he's at the time of life where he doesn't want to spend money on it for what he hardly uses (upstairs, he can't climb the stairs) and I don't think I would want to really throw any money at it either with it not being owned by us. However the house was previously council owned and probably not worth that much and I am potentially interested in buying the house (without a mortgage), but I am worried if I can get the discount. I have been told I would get the discount, but if my Dad passes away with 7 years, then I have to pay the difference.

Maybe best to approach ?

An actual mortgage

Away from the above situation, even though I am worried about my Dad, I have to get on with life and have looked at houses in and out of my home town of Sheffield.

My credit rating is satisfactory at the last look and I am very confident that I will not be able to get a mortgage. However I could potentially buy a house out of my own pocket without, BUT, of course this wouldn't be a mansion and would instead be a small house/flat to get me started. But I know my complete maximum of price I would want.

But a question, if the bank knows I have the money in the bank to say I can buy a house twice or three times over, would they potentially help me out, by saying they could give me some sort of mortgage?

Also wondering if people would actually rent instead?

Appreciate any help here

Much would depend on your scoring mate, for the majority of lenders the fact you have money in the bank isn't always the main concern.  We want to see that you are capable of repayng credit over a period and that you pay regularly ontime.  The more you put in of your own money the less the risk, the lower the LTV the more wiggle room you have with credit scoring etc.  Bet to do a DIP with whatever lender you decide is best and then discuss with them, do it via your bank or building society as they may be able to give you a bit more info if the application is declined on what you can do to sort issues out for the next time you apply.  

As for rending over buying, was never a consideration for me, the thought of paying someone elses mortgage makes me sick.  I'd rather struggle and buy outright/mortgaged within my means than pay towards someone elses retirement.  

[OverTheBorder]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

Thanks Doobs. I know mine is a lot better, I have worked really hard to fix it. Ticked all the boxes. The plan is to try mortgage in my name and Deed in both. Worry is council will look into this closely. They want to avoid people buying houses cheap using others to obtain discounts. I hope marrying someone might prove genuine

I also know my bank makes no sense without hers as I pay next to no bills and keep very little. I have the credit union as back up. They love me, as I save loads and use them a lot.

Ps lesser of two evils possibly. Her debts were more sensibly racked up than mine fun though

RTB's with any poor credit history are notoriously difficult to get through mate, as lenders want to be able to see that you have coped in the past.   The best way of getting it through is if you have a pretty low LTV.  Your best bet would probably be speaking to a broker who specialises in RTB, I generally don't advocate brokers because I'm yet to be convinced of their worth to the application although I am currently studying for my CEMAP ;-)  My opinion of them might change then, but for RTB's there are a number of specialist firms in Scotland who know the best lenders to place these types of applications with. 

She has lived here 12 years so gets max discount. That's 15k off, with house only valued at £55k-£60 (love fife). The mortgage will be less than our rent at that level.  I have no defaults/CCJs etc.  Surely they aren't going to get too messy on that? Both been in same job for 3+ years. Strong regular income. On electoral roll. Going to have to have a close look I sense. I can probably pay her DMP off within 2 months if need be. Don't particularly want to as credit frozen so better places to put money.

Any views on credit unions? I know they will lend me as back up. Worst case I will start hustling and buy it with cash in a farm foods bag

[Kmac84]

Just nicking Todd's thread for more questions if I may.

I just applied to buy my council house before they close the door on it in 2016. Buying it with my wife who has liver here 12 years so we get decent discount.

The mortgage will be less than one year basic earnings for me. My wife is in a debt management plan.

Two questions:

1.  Do these debt management plans effect things badly? I don't think I can buy it in my name to avoid it as the tenancy history is hers and hence the discount.
2. Where borrowing small amounts in mortgage terms does my account history matter that much? I currently send her all my money bar a small amount and that small amount is divided between various bookmakers and dominos. Do I need to clean it up or as I am borrowing low is it not a big deal?

In short yes and no.   

My name is on my mortgage and house, but as I am self employed, the affordibility was done entirely on my missus' earnings.  This was because I am self employed, and the cheapest deal wasn't open to people like me, so don't see much difference here.  This didn't stop my name from appearing on the mortgage and the house is still jointly owned.  My credit rating is pretty good though.    

It certainly doesn't seem a lost cause.  I'd get hold of both your credit ratings first before applying for the mortgage.  I'd also speak to broker, I am guessing some mortgage providers will be happier than others and they'd have a better idea than I would.

PS why the heck are you sending most of your money to the financial lunatic in the relationship?  

Thanks Doobs. I know mine is a lot better, I have worked really hard to fix it. Ticked all the boxes. The plan is to try mortgage in my name and Deed in both. Worry is council will look into this closely. They want to avoid people buying houses cheap using others to obtain discounts. I hope marrying someone might prove genuine

I also know my bank makes no sense without hers as I pay next to no bills and keep very little. I have the credit union as back up. They love me, as I save loads and use them a lot.

Ps lesser of two evils possibly. Her debts were more sensibly racked up than mine fun though

RTB's with any poor credit history are notoriously difficult to get through mate, as lenders want to be able to see that you have coped in the past.   The best way of getting it through is if you have a pretty low LTV.  Your best bet would probably be speaking to a broker who specialises in RTB, I generally don't advocate brokers because I'm yet to be convinced of their worth to the application although I am currently studying for my CEMAP ;-)  My opinion of them might change then, but for RTB's there are a number of specialist firms in Scotland who know the best lenders to place these types of applications with. 

She has lived here 12 years so gets max discount. That's 15k off, with house only valued at £55k-£60 (love fife). The mortgage will be less than our rent at that level.  I have no defaults/CCJs etc.  Surely they aren't going to get too messy on that? Both been in same job for 3+ years. Strong regular income. On electoral roll. Going to have to have a close look I sense. I can probably pay her DMP off within 2 months if need be. Don't particularly want to as credit frozen so better places to put money.

Any views on credit unions? I know they will lend me as back up. Worst case I will start hustling and buy it with cash in a farm foods bag

Some of the bgger credit unions offer mortgages and the rates aren't too bad.  I considered it as an option for my old dear under RTB as she is on incapacity benefit.   

She lives in a property values at Market value circa £75 - 80k, council rebuild value £44k, discount 70% so she could pick up hers for £13 - 14k and me and the other half own the house above her so it would be a great long term investment for me

[aaron1867]

Ah thanks for the replies, thought I am not completely sure on your abbreviations KMAC.

It's quite weird really, I actually have an existing loan with the bank, but never thought of a mortgage, but I don't think I could do both properties tbqh